Financial Regulatory Forum

BNP’s ‘huge’ role in undermining U.S. Sudan sanctions behind looming tough penalty, sources say

June 19, 2014
By Brett Wolf, Compliance Complete ST. LOUIS, June 18 – The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with firsthand knowledge of the matter said.”BNP basically was the Sudanese economy. They were just huge in helping the government of Sudan evade U.S. sanctions,” one of the sources said.BNP’s role involved removing references to Sudanese parties from wire-transfer messages, so U.S. dollar oil payments could clear through New York and move into accounts controlled by Khartoum, the sources said. The sources declined to name the buyers of the Sudanese oil or to say what Khartoum did with the revenue.

SEC is watching, on the Web, for sanctions evaders

By Guest Contributor
February 25, 2011

Feb. 25 (Westlaw Business) Big Brother has his eye on more than just filings: He is also surfing the Web to corroborate corporate disclosures. Staff correspondence filed by Scottsdale-based Hypercom Corp. shows that when it comes to rooting out potential sanctions-evaders in Iran and Syria, the Securities and Exchange Commission keeps close tabs. (more…)

Lloyds Bank in $217 million settlement with U.S.

By Reuters Staff
December 22, 2009

WASHINGTON, Dec 22 (Reuters) – Britain’s Lloyds TSB Bank Plc reached a $217 million settlement of charges it violated U.S. sanctions regulations, the Treasury Department said on Tuesday.

Credit Suisse to pay $536 million for U.S. violations

December 16, 2009

By James Vicini and Dan Margolies

WASHINGTON, Dec 16 (Reuters) – Swiss banking giant Credit Suisse Group AG will pay $536 million for failing to comply with U.S. laws, including Iran sanctions violations, according to U.S. court documents filed on Wednesday.

U.S. sanctions-violation fine for Credit Suisse raises Iran alarm

By Reuters Staff
December 16, 2009

By Lisa Jucca and Steve Slater

ZURICH/LONDON, Dec 16 (Reuters) – A surprise $536 million settlement by Credit Suisse to a U.S. probe over financial dealings with Iran should only do short-term damage to the Swiss bank, but others could now be in the line of fire.